Has anyoneused LIMA ONE Capital before?

[Wilson Lee]

I am per-approve for a fix and flip loan with lima one capital.  Has anyone worked with them? What should I watch out for? I don't want to borrow from a company that may try something underhanded. 

[Nghi Le]

I've had good experience with Lima One Capital; they're a pretty big lender nationwide.  I've borrowed from over 15 different hard money lenders, so I can share my experience.

@Ben Durwood Both LendingHome and Lima One are pretty competitive.  Keep in mind that Lima One doesn't charge junk fees, but LendingHome does.  LendingHome has also raised their rates and fees as of Feb 6th.  I find that Lima One is great for all experience levels, whereas LendingHome doesn't get competitive until you've done at least 4 flips.  Lima One is available in more states, but it is typically more strict than LendingHome (i.e. requires tax returns, seasoning of funds, lending to entities only, etc).

@Yonah Weiss Very true, especially at the lower price points.  Typically it takes a lender the same amount of time to underwrite/process a $50k loan vs a $500k loan, but they lean more towards the higher loan amount because they make more money.  To make the lower price points worth it, they have to set a minimum fee.  However, you may be able to get lower fees by going through a broker to do a Lima One loan.